Prologis, Inc. (NYSE:PLD) Shares Purchased by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lifted its stake in Prologis, Inc. (NYSE:PLD) by 10.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 62,853 shares of the real estate investment trust’s stock after purchasing an additional 6,124 shares during the period. Pinnacle Associates Ltd.’s holdings in Prologis were worth $8,378,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Arbor Capital Management Inc. ADV increased its holdings in shares of Prologis by 0.8% in the second quarter. Arbor Capital Management Inc. ADV now owns 11,602 shares of the real estate investment trust’s stock valued at $1,299,000 after purchasing an additional 87 shares during the last quarter. CX Institutional increased its stake in Prologis by 2.7% during the third quarter. CX Institutional now owns 3,347 shares of the real estate investment trust’s stock worth $423,000 after acquiring an additional 88 shares during the last quarter. Mitchell Sinkler & Starr PA increased its stake in Prologis by 5.1% during the second quarter. Mitchell Sinkler & Starr PA now owns 1,860 shares of the real estate investment trust’s stock worth $228,000 after acquiring an additional 90 shares during the last quarter. Destination Wealth Management increased its stake in Prologis by 4.7% during the second quarter. Destination Wealth Management now owns 2,033 shares of the real estate investment trust’s stock worth $228,000 after acquiring an additional 92 shares during the last quarter. Finally, DT Investment Partners LLC increased its stake in Prologis by 9.8% during the third quarter. DT Investment Partners LLC now owns 1,043 shares of the real estate investment trust’s stock worth $132,000 after acquiring an additional 93 shares during the last quarter. Institutional investors and hedge funds own 93.50% of the company’s stock.

Prologis Trading Up 0.5 %

NYSE:PLD opened at $115.90 on Thursday. The firm has a market cap of $107.31 billion, a PE ratio of 35.02, a price-to-earnings-growth ratio of 3.05 and a beta of 1.07. The stock has a fifty day moving average price of $124.58 and a 200 day moving average price of $117.36. Prologis, Inc. has a 12-month low of $98.82 and a 12-month high of $137.52. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.52.

Prologis (NYSE:PLD) last posted its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). Prologis had a net margin of 36.37% and a return on equity of 4.88%. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. During the same quarter in the prior year, the business earned $1.30 earnings per share. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. Sell-side analysts anticipate that Prologis, Inc. will post 5.42 earnings per share for the current fiscal year.

Prologis Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend was Monday, September 16th. Prologis’s dividend payout ratio is presently 116.01%.

Insider Buying and Selling at Prologis

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $129.07, for a total value of $671,164.00. Following the sale, the executive now directly owns 13,187 shares in the company, valued at $1,702,046.09. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.56% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have issued reports on PLD. BMO Capital Markets reissued a “market perform” rating and set a $115.00 target price on shares of Prologis in a research note on Monday, July 15th. Royal Bank of Canada cut Prologis from an “outperform” rating to a “sector perform” rating and raised their target price for the stock from $124.00 to $127.00 in a research note on Monday, August 5th. StockNews.com raised Prologis from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Evercore ISI raised their target price on Prologis from $124.00 to $128.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $132.00 price target (down from $142.00) on shares of Prologis in a research report on Monday, October 21st. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $131.12.

Prologis Profile

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At March 31, 2024, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.2 billion square feet (115 million square meters) in 19 countries.